Corebridge Financial (NYSE:CRBG) Downgraded to “Hold” Rating by DOWLING & PARTN

DOWLING & PARTN downgraded shares of Corebridge Financial (NYSE:CRBG) from a strong-buy rating to a hold rating in a report published on Tuesday morning,Zacks.com reports.

CRBG has been the subject of a number of other reports. Piper Sandler dropped their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Royal Bank of Canada dropped their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. TD Cowen lifted their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday. Morgan Stanley upped their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, Barclays boosted their target price on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Corebridge Financial Stock Up 1.1 %

NYSE CRBG opened at $32.41 on Tuesday. Corebridge Financial has a one year low of $20.07 and a one year high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The business has a fifty day moving average price of $30.66 and a 200 day moving average price of $29.44. The company has a market cap of $18.44 billion, a P/E ratio of -15.51, a P/E/G ratio of 0.41 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the firm posted $1.05 earnings per share. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. Research analysts anticipate that Corebridge Financial will post 4.78 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 2.84%. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the sale, the insider now owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. The trade was a 10.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of CRBG. Canada Pension Plan Investment Board lifted its position in shares of Corebridge Financial by 249.3% during the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock worth $183,894,000 after purchasing an additional 4,507,322 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of Corebridge Financial by 201.1% in the second quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock valued at $116,723,000 after purchasing an additional 2,677,105 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Corebridge Financial by 150.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock worth $103,707,000 after buying an additional 2,137,594 shares during the period. AQR Capital Management LLC lifted its holdings in Corebridge Financial by 40.3% during the 2nd quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after buying an additional 1,282,154 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in Corebridge Financial by 34.5% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock valued at $104,032,000 after buying an additional 915,848 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Company Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.